The Alta Fox Opportunities Fund fund increased by 9.96 per cent gross and 8.29 per cent net in the fourth quarter of 2019. The average net exposure during the quarter was 77.86 per cent. For the full year of 2019, the fund returned 63.63 per cent gross and 49.70 per cent net with average net exposure of 80.84 per cent. Since inception in April 2018, the fund has returned 78.57 per cent gross and 59.68 per cent net compared to 26.69 per cent for the S&P 500, 11.79 per cent for the Russell 2000, and 5.70 per cent for the Russell Microcap Index.
“As always, I strive to ignore short-term fluctuations and instead focus on the intrinsic value growth in our portfolio holdings, which over the long-run should converge with portfolio performance,” says Alta Fox Capital founder Connor Halley. “I encourage limited partners to do the same (both in times of outperformance and underperformance). I firmly believe that in the long-run, our strategy of buying high-quality and under-followed businesses at cheap prices will deliver attractive absolute and relative returns. Most importantly, I expect our process to remain disciplined with strict risk controls, minimal to zero gross leverage, and a sound research process.”
